Totaled 4xe?

[Lightguy]

This is my JT, totaled last November. Frame & body mount bolts bent amongst other damage, but the windshield survived Guy ran a stop sign I t-boned him at 35mph. Walked away with cuts & bruises on my hands from the airbag. Counted my blessings that day.

Glad you’re ok!

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[Av8Chuck]

It's totaled. Just got the call.

Sounds like you got it sorted so this is more of an insurance story. It's not even Jeep related, but its a story of the power of NO.

I had an employee get into an accident in our "little van that can" and the insurance wanted to total it. It was a 2005 GMC Safari w/115k miles. They offered us $3k. I said no. Getting a replacement for it and parts to repair it were difficult and expensive. They found another van they said was comparable and again we said no. This went back and forth for a couple of months, all the while storage fees kept mounting, until they offered us $23k. we said yes. You don't have to take what an insurance company is offering you. I don't know the law regarding insurance but we had a van that had met our needs very well for 17 years and showed no signs of stopping anytime soon. Not my fault someone ran into it and now they wanted to total it for less than the cost of a good bike.

 

[CharlieVictor]

It's totaled. Just got the call.

I'm glad that everyone is ok. Thanks for telling us how the story ended!

 

[Rustynail11]

It's totaled. Just got the call.

now hold on tight for the rate adjustment when your policy renews. As mentioned in another post daughter had a deer strike in November that totaled her car. Just go our policy renewal and the rate more than doubled.

 

[Slumpbuster]

Hi

Was wondering if anyone had any insight on the 4xe's and the cost of fixing after a collison. Wondering if my 10 month old is going to be totaled or not.

Still looks better than the “angry grill”

 

[kah.mun.rah]

@GABEY70 don't accept the 1st appraisal value/offer from the insurance company.

 

[XX4XEXX]

With a 6.8b Stellantis profit I 100% agree here. No way!

Sorry to hear, OP.

If my JL got totalled, I ain't paying $60,000 for a new Jeep Wrangler. Don't get me wrong, I love Wranglers, but IMO they aren't worth the kind of money Jeep wants for them these days.

I'd probably get a used GMC Canyon AT4 and be done.

 

[GABEY70]

@GABEY70 don't accept the 1st appraisal value/offer from the insurance company.

FYI since it is a lease, I personally have no say on what they offer. Just found out that my lease contract states that in a total loss that if they are paid more than what I owe they owe me nothing. Lesson learned- don't put down up front anymore than your willing to burn if you total a vehicle.

Oh well. No more jeep for me. Can't afford to replace a 4xe with their sticker / interest rates ect. Going back to the Dodge Charger at least I love the car that I have to pay an arm and a leg for.

Signing off since I am no longer a Jeep Owner. Lol.

 

[TXPearl]

FYI since it is a lease, I personally have no say on what they offer.

It's your insurance policy, so you do have a say on the claim settlement. The leasing company is listed as an additional payee on most policies. Not the sole payee. Read you policy language and talk to your insurer.

Just found out that my lease contract states that in a total loss that if they are paid more than what I owe they owe me nothing.

How did you find this out?

I'm assuming you have a lease through Chrysler Capital? Reading through my CCAP lease agreement, I'm not seeing anything that says they keep all the insurance proceeds. Frankly, the language is vague on the situation where insurance proceeds exceed the lease payoff, and is mostly focused on what happens when insurance proceeds are lower than the payoff.

 

[kah.mun.rah]

FYI since it is a lease, I personally have no say on what they offer. Just found out that my lease contract states that in a total loss that if they are paid more than what I owe they owe me nothing. Lesson learned- don't put down up front anymore than your willing to burn if you total a vehicle.

Oh well. No more jeep for me. Can't afford to replace a 4xe with their sticker / interest rates ect. Going back to the Dodge Charger at least I love the car that I have to pay an arm and a leg for.

Signing off since I am no longer a Jeep Owner. Lol.

Good luck!

 

[GABEY70]

It's your insurance policy, so you do have a say on the claim settlement. The leasing company is listed as an additional payee on most policies. Not the sole payee. Read you policy language and talk to your insurer.



How did you find this out?

I'm assuming you have a lease through Chrysler Capital? Reading through my CCAP lease agreement, I'm not seeing anything that says they keep all the insurance proceeds. Frankly, the language is vague on the situation where insurance proceeds exceed the lease payoff, and is mostly focused on what happens when insurance proceeds are lower than the payoff.

lease is thru ALLY

 

[kah.mun.rah]

FYI since it is a lease, I personally have no say on what they offer. Just found out that my lease contract states that in a total loss that if they are paid more than what I owe they owe me nothing. Lesson learned- don't put down up front anymore than your willing to burn if you total a vehicle.

Oh well. No more jeep for me. Can't afford to replace a 4xe with their sticker / interest rates ect. Going back to the Dodge Charger at least I love the car that I have to pay an arm and a leg for.

Signing off since I am no longer a Jeep Owner. Lol.

If the appraised value is more than the lease payoff amount, you should own/keep that positive equity.

 

[alex_navarro]

Lesson learned. Never put more money down to lower your payment. You are better off saving the money in an account and using it to make the higher payment.

That is only good advice IF the savings account rate exceeds the interest rate on the loan. Otherwise, that doesn't make sound financial sense.

 

[jludave]

That is only good advice IF the savings account rate exceeds the interest rate on the loan. Otherwise, that doesn't make sound financial sense.

The point is to never put more money down to lower the monthly payment. If you have to pay more up front to lower the payment monthly, you typically can't afford the monthly payment.

 

[TXPearl]

No, I don't think that's the thinking behind "never put money down on a lease". If you have the cash, and it's not being invested at a higher (after taxes) rate of return than the interest charge of the loan/lease, in theory, you're better off putting that money to work as a down payment. However, on a lease, some leasing companies are trying to interpret the lease language to say, essentially, that they own the car and are entitled to all the insurance proceeds in the event of a total loss, regardless of any down-payment the lessee may have made.

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